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Ipo Timetable Chart Notes

LPC Law Notes > Public Companies and Equity Finance Notes

Updates Available  

A more recent version of these Ipo Timetable Chart notes – written by Cambridge And Oxilp And College Of Law students – is available here.

The following is a more accessble plain text extract of the PDF sample above, taken from our Public Companies and Equity Finance Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

IPO Timetable Time 24-52 weeks before impact day

Details Pre-IPO preparation
- Company chooses advisers o LR 8.1.1 if premium listed then appoint sponsor
- Company considers its suitability for an IPO and the most appropriate method of listing its shares
- Company effects any necessary restructuring
- Company takes decision to proceed with IPO 12-24 The IPO process begins weeks
- Company appoints advisers and meets sponsor (if premium listed) before
- Sponsor drafts and advisers agree a timetable impact
- Sponsor informs FSA about intended IPO day
- First marketing meetings with sponsor and broker
- Initial planning meetings with advisers take place
- Legal and financial due diligence begins o Business due diligence into the commercial aspects of the company o Financial due diligence carried out by the reporting accountants o Legal due diligence
? Corporate - structure & constitution of the company
? Business & trading - including requests for all material agreements
? Assets
? Property
? Environmental matters
? Insurance
? Basic financial information
? IP and information technology
? Employees
? Pensions
? Disputes
? Any market-specific regulatory issues 6-12 The process gathers momentum weeks
- Key managers of the company work full-time on IPO before
- Accountants produce long-form and draft short-form report impact
- Lawyers produce draft prospectus and begin the verification process day
- Initial drafting meeting with advisers
- Sponsor submits draft documentation relating to the approval of the prospectus to the FSA
- Pay FSA fee for approval of the prospectus
- Sponsor & company have first meeting with the Stock Exchange
- Initial pricing meetings with sponsor, broker and any underwriters and sub-underwriters
- Valuation of any key assets
- Meetings with Financial PR consultants 2-6 weeks The process becomes intense before
- Detailed drafting meetings, incorporating FSA's comments impact
- Lawyers complete verification day
- Publish any pathfinder prospectus
- Accountants and sponsors review cash-flow statements and any profit forecasts
- Convene completion GM of company
- Further PR meetings
- Ensure any ancillary documentation is prepared
- First meeting with registrars
- Deadline for submitting draft prospectus to the FSA is 20 days before impact day o 87C FSMA - FSA must notify company whether it has decided to approve

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